Junior diamond explorer Golconda Resources (ASE) has extended the deadline by which BHP Minerals International Exploration can enter a joint venture and earn a 51% interest in Golconda’s Idaho diamond prospect.
BHP, which now has until Jan. 31 to agree to the deal, has been supervising a program of 13 reverse-circulation drill holes, seven of which encountered lamproitic tuff in five different targets. In two areas, the tuff exceeded a thickness of 450 ft.
The company is awaiting assay results of bulk samples which weigh a total of 3 tons.
Previous drilling by Golconda intersected lamproitic tuff containing purple garnets, chrome diopsides and ilmenites. Diamonds were found in creeks draining from the property.
Overseas
* Shares of Siberian Pacific Resources have begun trading on the Alberta Stock Exchange.
Siberian has a 50% interest in a Russian joint venture to explore, develop and mine for diamonds in Siberia. The company recently completed private placement financings totaling $850,000.
* United Reef (TSE) has closed a private placement of 3.96 million shares at 55 cents each for gross proceeds of $2.18 million. Proceeds from the offering will be used to fund ongoing exploration and development of the company’s Bamingui diamond project in the Central African Republic.
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